Novi MI's Preferred Medical Bills Bankruptcy
If You're Looking For A Medical Bills Bankruptcy Serving Novi - Wolfson Bolton Can Help!
Bankruptcy laws provide tools to help debtors find financial relief. Wolfson Bolton can help you get that new beginning. Wolfson Bolton helps clients near Novi MI overcome the difficult bankruptcy process - bringing relief, peace of mind, and resolution. We approach your case with compassion, discretion, and empathy - helping you weigh your legal options and guid you through the complicated bankruptcy process. Seeing clients regain control of their financial future is the most rewarding aspects of our duties.
The Bankruptcy Code provides resources for debtors in crisis, but the options are complicated and the process is oftentimes painstaking. Wolfson Bolton focuses primarily on helping individuals and business work through bankruptcy. Our team has years of experience handling Chapter 7, Chapter 11, and Chapter 13 cases. Wolfson Bolton's work has garnered positive reviews from clients and competing attorneys - making us one of the most prominent bankruptcy law firms in the Detroit metropolitan area.
Filing For Bankruptcy In Novi
The three most common filings are Chapter 7, 11, and 13. Each provides a different benefits, and an expert lawyer can help you navigate the filing and legal process to completion.
- Chapter 7 - This may help you reduce debt by exchanging non-exempt assets, applying their value to what you owe creditors. Michigan allows exemptions that include home equity, motor vehicles, household good, personal property, pensions, and retirement accounts among others. You may be able to keep a considerable amount of these things.
- Chapter 11 - This filing is often understood as "reorganization" and businesses can use it as a method to stay afloat until revenue picks up. A business owner can present the court with a financial plan to liquidate some assets and restructure other debt. The benefit is that you can stay afloat and creditors have a chance at compensation.
- Chapter 13 - People with a steady income can utilize this filing by creating a repayment plan. Your debts may not be closed out, but it gives you an opportunity to pay them down over time without your assets being seized. Essentially, it buys you time to get your financial life on track.
What Does a Chapter 11 Bankruptcy Lawyer Do?
A Chapter 11 bankruptcy attorney helps businesses and individuals "reorganize" debts. After a debtor files a Chapter 11 petition, the debtor, creditors, and court work out a new plan for repaying the existing debts, which may include the debtor retaining most or all of the debtor's property.
What Does a Chapter 13 Bankruptcy Attorney Do?
Chapter 13 Bankruptcy provides advantages over a Chapter 7 filing. Chapter 13 Bankruptcy can prevent pending foreclosure or repossession by delaying deadlines for missed payments. Additionally, it provides time to repay property taxes, water bills, or other liens on collateralized property you wish to retain. If you do not qualify for Chapter 7 Bankruptcy because of your income, or if you choose to retain assets of value, such as a second home, art, jewelry, or your business, Chapter 13 allows you to keep your assets by slowly re-paying debts.
Advantages to Hiring an Attorney for Your Bankruptcy Case
It's recommended that consumers considering bankruptcy first consult with bankruptcy counsel who can assist with the technical process. A single miscue, error or flaw in the filing and processing of your case may result in the loss of property, valuable assets, or loss of the bankruptcy discharge itself.
Judgements by the court may have a life-changing impact. An individual who chooses to file on his or her own, or with an inexperienced attorney, may encounter difficulties - including significant fines or, in egregious cases, federal imprisonment.
Advantages of Chapter 13:
- Keep assets that are important to you and your family
- Most debts are able to be discharged
- Have up-to five years to pay debts
- Can remove a second mortgage
- Cramdown an older car or investment property loan to the present value
- Prevents accruing interest
- Discharge debts related to divorce property settlement
What Does a Chapter 7 Bankruptcy Lawyer Do?
A Chapter 7 attorney helps a debtor get a "fresh start." In a Chapter 7 bankruptcy, the debtor gets to keep certain exempt property, but the court orders the sale of all other nonexempt property. The debtor pays the creditors with the proceeds. The court can discharge many---but not all---debts under Chapter 7.
Every person's situation is different, and the Bankruptcy Code includes many complications. If you are facing a debt crisis, it is best to contact a qualified bankruptcy attorney. Wolfson Bolton has been handling bankruptcy proceedings in the metro Detroit area for over 17 years. We have the knowledge and experience to help you regain control of your financial life.
Why Choose Wolfson Bolton As Your Medical Bills Bankruptcy in Novi?
Peter C. Bolton is the principal of Wolfson Bolton, serving Novi MI, Michigan. Peter earned a Bachelor of Arts degree from Michigan State University. He continued his education at the University of Detroit Mercy, School of Law and received his law degree.
Wolfson Bolton is admitted to practice in all courts in Michigan, including the U.S. District Courts for the Eastern and Western Districts of Michigan. Our attorneys include members of the Federal Bar Association, State Bar of Michigan and Consumer Bar Association. Wolfson Bolton gives each client the consideration and attention to detail they deserve.
Schedule Your Free, Initial Consultation Now!
When hiring your medical bills bankruptcy in the Novi area, don't hesitate to contact us for your free initial consultation! Bankruptcy is difficult, but it not insurmountable. At Wolfson Bolton, we specialize in legal services that help you start over - fresh. With years of experience, we've helped many of your neighbors, friends, and family with their bankruptcy problems.
Melissa and Marc - Independent Property Managers:
Before: Melissa and Marc, a married couple with two children, both work full time in fast-paced careers. They have a successful side business owning four rental homes, which they lease to students in a nearby college town. Years ago, the couple took out a second mortgage on their primary residence to make the down payment on these properties, which properties they also mortgaged. As their children continued to grow and expenses increased, they found that they needed to take equity out of the rental homes. Due to a number of factors - including the rising costs of raising a family, living outside of their means, a decrease in salary, and increase in utilities and health care costs - the family eventually found itself living on credit cards. The family now finds itself in a position where they have two mortgages on their home and two mortgages on each of their rentals. The side business they believed would create positive cash flow became a burden, and the couple could no longer afford to choose between making the mortgage payments or making the credit card payments. The properties, including their own home, had dropped in value, and they began to feel themselves slowly spinning out of control with all of the obligations they faced. The couple had always envisioned that collecting rents from their investment properties would carry them through to retirement. They finally decided to speak with an experienced bankruptcy attorney.
After: Melissa and Marc filed a Chapter 13 bankruptcy, which allowed them to strip off the second mortgage on their home, strip off the second mortgages on their rental homes, cramdown the primary mortgages on these properties to match the current value, and pay those crammed-down loans out over the life of their case. The junior liens, which were stripped from their primary residence and rental homes, were reorganized as 'unsecured debt' and treated together with their credit cards. The credit cards and junior liens received cents on the dollar, and at the end of the five year plan, the balance on those debts was discharged. At the end of their five-year plan, Melissa and Marc owned their four investment properties free and clear, and had significant equity in their primary residence after removal of the second mortgage. They wiped out all of their credit card debt and were able to start fresh with all of their assets intact.